Hardwick, New Jersey Property Taxes
The median property tax rate in Hardwick, NJ, is 3.40%, considerably higher than both the national median of 0.99% and the New Jersey state median of 2.82%. With the median home value in Hardwick at $236,200, the typical annual property tax bill reaches $8,040, far exceeding the national median of $2,690. Property taxes in Hardwick are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hardwick's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hardwick or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hardwick, New Jersey Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.4%
Estimate Property Tax Bill
$8,031
Ownwell’s Hardwick Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Hardwick with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hardwick to provide an estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities effortlessly. For those interested in more detailed trends at the neighborhood level, simply scroll down to find localized information. Your property’s assessed value is determined by Sussex County for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Hardwick, New Jersey
Property taxes in Hardwick, New Jersey, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hardwick is 3.40%, significantly higher than both the New Jersey state median and the U.S. national median of 0.99%. Local government entities within Hardwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hardwick estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Hardwick's effective property tax rate to other areas in New Jersey and the national median. For comparison, the 07825 zip code has the highest median property tax rate of 3.40%, while the 07825 zip code also has the lowest median tax rate of 3.40%. Understanding how these areas compare with Hardwick provides valuable insights into the varying tax landscape across Sussex County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hardwick Tax Rate
3.40%
Average Sussex County Tax Rate
3.40%
Average New Jersey Tax Rate
2.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hardwick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07825 | 3.40% | 3.40% | 3.40% | 3.40% | 3.40% |
Source: Ownwell
Property Tax Assessment Values Across Hardwick, New Jersey
In Hardwick, New Jersey, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Hardwick, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Hardwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Hardwick is $8,040, with the highest and lowest median tax bills both found in the 07825 zip code.
Average Hardwick Assessed Value
$236,200
Average Sussex County Assessed Value
$229,300
Average New Jersey Assessed Value
$282,900
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hardwick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07825 | $165,580 | $223,200 | $236,200 | $273,950 | $355,280 |
Source: Ownwell
Property Tax Bills Across Hardwick, New Jersey
Property tax bills in Hardwick, NJ, are calculated based on the assessed value of your property and the local tax rate. The assessed value is determined by the Sussex County tax assessor, who evaluates the market value of your home. This value is then multiplied by the local tax rate to calculate your annual property tax bill. In Hardwick, the median home price is $236,200, and homeowners can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is around $7,598, while the 75th percentile reaches up to $9,325, and the 90th percentile can be as high as $12,094. This means that depending on your home's assessed value and the specific tax rate applied, your property tax bill can differ substantially. Compared to the national median property tax rate of 0.99%, Hardwick's property tax bills are notably higher, reflecting the region's higher property values and tax rates. This can significantly impact homeowners, making it crucial to understand the factors influencing their property tax obligations.
Average Hardwick Tax Bill
$8,040
Average Sussex County Tax Bill
$7,518
Average New Jersey Tax Bill
$8,227
Average United States Tax Bill
$2,690
Property Tax Bills Across Hardwick, New Jersey
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 07825 | $5,636 | $7,598 | $8,040 | $9,325 | $12,094 |
Source: Ownwell